Debt & Non-recourse Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Outstanding Borrowings

The following table details our outstanding debt balance and its associated interest rates:

	March 31,			December 31,
($ in millions)	2022			2021
Debt(1)
Senior secured credit facility
Term loan with a rate of 3.50%, due 2028	$	1,294		$	1,297
Revolver with a rate of 2.47%, due 2026		300			300
Senior notes with a rate of 5.000%, due 2029		850			850
Senior notes with a rate of 4.875%, due 2031		500			500
Other debt		28			27
		2,972			2,974
Less: unamortized deferred financing costs and discounts(2)(3)		(59	)		(61	)
	$	2,913		$	2,913

(1) As of March 31, 2022 and December 31, 2021, weighted-average interest rates were 4.088% and 4.052%, respectively.

(2) Amount includes unamortized deferred financing costs related to our term loan and senior notes of $31 million and $22 million, respectively, as of March 31, 2022 and $33 million and $22 million, respectively, as of December 31, 2021. This amount also includes unamortized original issuance discounts of $6 million as of March 31, 2022 and December 31, 2021.

(3) Amount does not include unamortized deferred financing costs of $5 million as of March 31, 2022 and December 31, 2021 related to our revolving facility which are included in Other assets in our unaudited condensed consolidated balance sheets.

The following table details our outstanding non-recourse debt balance and associated interest rates:

	March 31,			December 31,
($ in millions)	2022			2021
Non-recourse debt(1)
Timeshare Facility with an average rate of 2.20%, due 2023(3)	$	161		$	131
HGV Securitized Debt with a weighted average rate of 2.711%, due 2028		62			70
HGV Securitized Debt with a weighted average rate of 3.602%, due 2032		131			143
HGV Securitized Debt with a weighted average rate of 2.431%, due 2033		136			151
HGV Securitized Debt with a weighted average rate of 3.658%, due 2039		180			193
Diamond Resorts Premium Yield Facility with an average rate of 4.766%, due 2031		7			8
Diamond Resorts Conduit Facility with an average rate of 2.250%, due 2023		125			125
Diamond Resorts Conduit Facility with an average rate of 3.000%, due 2024		—			8
Diamond Resorts Owner Trust 2017 with a weighted average rate of 3.504%, due 2029		—			41
Diamond Resorts Owner Trust 2018 with a weighted average rate of 4.061%, due 2031		81			92
Diamond Resorts Owner Trust 2019 with a weighted average rate of 3.277%, due 2032		127			148
Diamond Resorts Owner Trust 2021 with a weighted average rate of 2.160%, due 2032		198			224
		1,208			1,334
Less: unamortized deferred financing costs(2)		(5	)		(6	)
	$	1,203		$	1,328

(1) As of March 31, 2022 and December 31, 2021, weighted-average interest rates were 2.873% and 2.876%, respectively.

(2) Amount relates to Securitized Debt only and does not include unamortized deferred financing costs of $2 million and $2 million as of March 31, 2022 and December 31, 2021, respectively, relating to our Timeshare Facility included in Other Assets in our unaudited condensed consolidated balance sheets.

Schedule Of Derivative Instruments Effect On Other Comprehensive Income Loss

The following table reflects the activity in accumulated other comprehensive income related to our derivative instruments during the three months ended March 31, 2022.

	Net unrealized gain on derivative instruments
Balance as of December 31, 2021	$	2
Other comprehensive income before reclassifications, net		21
Reclassification to net income		1
Balance as of March 31, 2022	$	24

Schedule of Contractual Maturities of Debt

The contractual maturities of our debt and non-recourse debt as of March 31, 2022 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2022 (remaining)	$	12	$	355	$	367
2023		15		562		577
2024		14		88		102
2025		13		138		151
2026		313		38		351
Thereafter		2,605		27		2,632
	$	2,972	$	1,208	$	4,180